HSBC Challenges Revolut with Zing, Eyes Forex Dominance

<p>Banking
giant HSBC has announced the launch of Zing, a new international payments app
aimed at competing with fintech leaders like Revolut and Wise. In recent years,
neobank apps have taken a significant slice of the payment pie from traditional
institutions. However, it turns out that the giants have not yet had their
final say and want to attract customers again, especially from the youngest
generations.</p><p>HSBC Takes On Fintech
Rivals with New Forex App</p><p>The Zing
app will initially debut in the UK before expanding to other regions in the coming
months. According to information from Bloomberg, it will be available
within days on the App Store and Google Play.</p><p>HSBC is
looking to take a share of the rapidly expanding <a href="https://www.financemagnates.com/terms/c/cross-border-payments/">cross-border payments</a> market
that has seen huge growth from startups <a href="https://www.financemagnates.com/fintech/h1-performance-of-wise-ebitda-jumps-163-outlook-remains-bullish/" target="_blank" rel="follow">like Revolut and Wise</a>. These fintech
firms have attracted tens of millions of retail customers globally by offering
low-cost foreign exchange and money transfer services through mobile apps. The latest financial report of Revolut for 2022 confirms this, <a href="https://www.financemagnates.com/fintech/revolut-files-delayed-2022-financials-revenue-jumps-45-to-11b/" target="_blank" rel="follow">showing a 45% increase in revenue to $1.1 billion</a>.</p><p>Zing will
not be limited to HSBC customers only; other individuals will also be able to
use the app. The process of setting up an account is expected to take less than
three minutes, and HSBC aims to make Zing a "global platform."</p><blockquote><p lang="en" dir="ltr">